US Dollar Against the Yen Retraces Early on Monday Due to Japan Minister Comments | IFCM Hong Kong
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US Dollar Against the Yen Retraces Early on Monday Due to Japan Minister Comments - 20.5.2013

The FX markets in general were trading quietly, except from the US dollar versus the Japanese Yen. The USDJPY on Friday rose to new 4 ½ year high at 103.30 due to stronger US dollar on FED member Williams’ comments about reducing asset purchases. Also US dollar strengthened on University of Michigan Consumer Confidence Friday release at 83.7 for May, much more than expected at 77.9 and higher than April 76.4 figure. Thus on Friday bulls were in control lifting the currency pair, however Japanese Economic Minister comments before Monday Asia session that further weakening of the Yen would have negative effects in people’s livelihood. The latter weighed on the currency pair that opened lower on Monday morning with a price gap and is currently trading around 102.65.


The EURUSD inched below 1.28 on Friday as the greenback was winning ground broadly against its peers but on Monday the pair retraced back 1.2843, covering some of the recent losses. The sterling against the greenback dropped to 1.5160, at 1 ½ month low and rebounded slightly today towards 1.52. The Aussie weakened significantly in the last week tracking Gold prices performance, the precious metal against the US dollar returned near previous month low at 1322, mainly due to greenback strength. Thus we have seen the AUDUSD also falling as its export commodity prices were seen reducing, the pair sank to almost 1-year low at 0.9713.


Investors this week are focusing on Wednesday FOMC meeting minutes following reports that asset purchases may be shifted, European PMIs on Thursday and any surprises elsewhere will move markets.
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